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Personal Income Tax

Personal Tax Credits

Personal Tax - Previously Announced Changes

There were no further changes to personal income tax
brackets or rates. These were previously revised for 2008 to 2011 by
the 2007 Budget. However,
the tax changes after 2008 were subject to budget balancing
provisions. As of March 23, 2010, the 2010 tax brackets and
personal income tax rates remain unchanged from 2009.

Corporate Tax

Corporate Income Tax Rates

As previously announced in Budget 2009, the small business
corporate income tax rate is reduced from 1% for 2009 to zero,
effective December 1, 2010. The dividend tax credit
rate for small business dividends will be reduced to 1.75% of grossed-up
dividends starting with the 2011 taxation year.